A.M. Best Co. has assigned a financial strength rating of “A-” (Excellent) and an issuer credit rating of “a-” to Glacier Insurance AG, a Liechtenstein company. Best place a negative outlook on the rating, “in line with that of the parent company, Glacier Reinsurance AG (Glacier Re).”
“The ratings reflect the full rating enhancement from the explicit support in the form of a 95 percent quota share reinsurance and a guarantee provided by Glacier Re,” Best explained. “Glacier Insurance is writing primary business, predominantly property and aviation, which was previously fronted by other insurers.
“Glacier Re will continue to underwrite these risks.” Best said it “expects the newly formed subsidiary to generate gross premiums written of approximately $8 million in 2006, rising to approximately $18 million 2007.”
Best added that in its view “Glacier Insurance’s risk-adjusted capitalization is strong for the risks it is retaining.”
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